When A Company Or Corporation Performs A Service But Has Not Yet Received Payment Then What?
When A Company Or Corporation Performed / Rendered A Service But Has Not Yet Received Payment Against Service / Corporation (Corp.) Earned Income On Account / Credit When a company / corporation performs a service but has not yet received payment, then it debits Accounts Receivable and credits Service Revenue as it earned the revenue by rendering services to the client but still the payment has not yet received from the client. For example, a company renders services to its client for Rs. 5000 but the payment has not yet received from client during the period. What is the adjusting entry to record for the period. Provided / Performed / Rendered Service On Account Adjusting Entry / Rendered Service On Credit Adjusting Entry The adjusting entry to record is shown below: ...